•公司授予扩展下section 250 n,并且必须在长时间内召开年度股东大会
The provisions and procedures from the Corporations Act 2001 for the current legislative regime of mandatory AGM for listed public companies are:
• A provision making it a requirement for the public listed company, it must hold an annual general meeting within 18 months of its registration
• The public listed company must hold its AGM once a year and also after 5 months at the end of its financial year
• An offence based on subsections 1 and 2 of the necessity for annual meetings to be conducted is an offence of strict liability
• The public company may lodge an application against ASIC to postpone the AGM
• A company granted extension under section 250N, and it must hold the AGM within the extended period
• ASIC may impose the conditions to the company’s extension for AGM under the Corporations Act 2001
• An offence based on earlier subsections is an offence of strict liability
The importance of the AGM for court can be understood through the case of the matter of the south British insurance company ltd (1980) CLC 34, 419.
In this case, Justice Holland has explained the importance of, and basis upon, a public listed company is obliged to hold AGM:
• This is one occasion in the year where shareholders of the company have the right to meet with the directors of the company, or company’s representatives and ask questions to them about the company’s accounting performance for the year.
• The shareholder can question about Director’s report, company’s strategic position, performance, prospects for future and pasts.
• In addition to this, the shareholders of the company have the right to vote, to participate in critical decisions, business operations, resolutions as to dividends and appointment of the directors.
AGM (Annual general Meetings) is an important forum to discuss all the shareholders to the directors or representatives and there is no limit of questioning by the shareholders or members to the directors or representatives.